QUINCY, Ill. (Sept. 23, 2010)—Titan International Inc. has priced its previously announced offering of $200 million in aggregate principal amount of its senior secured notes due 2017.
The size of the offering was increased from the previously announced $175 million to $200 million. The notes will be sold at an offering price of 100 percent and will bear interest at a rate of 7.875 percent per annum, the Quincy-based company said. The notes are being offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the U.S. in compliance with Regulation S.
Titan said it intends to use the net proceeds from the offering to finance the purchase of its 8 percent senior unsecured notes due 2012.
The company plans to use the remaining net proceeds from this offering for general corporate purposes, which it said may include financing potential future acquisitions and repayment of other existing obligations.